Bitcoin starts the new trading week weak. Having seen little movement over the weekend, we have now fallen below the USD 22,000 mark.
Right now we're trading at around $21,800. The 4H-EMA ribbons have been broken and the weekly close was not particularly bullish either, but was right at our last high.
This could bode bad for this week as it speaks to indecisiveness. We could therefore see significantly lower prices in the course of the week.
Furthermore, we have the largest confluence in the $21,000 area. There we have a lot of support and liquidity which could take us higher after the correction.
There lies the 200-SMA (last 200 moving averages/purple), the golden pocket (0.618 – 0.65 Fib. retracement level) and a larger support zone, which lies directly on our uptrend.
So here is our last strong support. If this breaks sustainably, we could test USD 18,500. However, we first have to wait and see how the reaction from our support zone is.
Ethereum has barely moved over the weekend. We've only traded sideways, making higher high after higher high, but with significantly less volume.
We are currently trading at around USD 1,500 and are therefore back in the 4H-EMA ribbons. They have been giving us support for a while now. If these break, we could get a first sell-off towards USD 1,360.
There is our first support box and the monthly support P (1,300 USD). Since the bearish divergence continues to build up on many time units, we will very likely go significantly lower at the start of the week.
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